FL H0347

Authorizes licensees to make loans up to $25,000 and allows use of single annual percentage rate calculated by actuarial method when multiple interest rates apply to loan principal.

Creates new loan category for loans under $10,000 with 36% maximum annual interest rate, 120-day minimum term, no security interest allowed, and one-business-day rescission right for borrowers.

Requires licensees to underwrite loans by verifying borrower's income and debt obligations, and prohibits lending if total monthly debt payments exceed 50% of gross monthly income at loan origination.

Prohibits licensees from initiating payment transfers after two consecutive failed attempts due to insufficient funds, limits insufficient funds fees to one per dishonored payment, and requires reporting of borrower payment performance to consumer reporting agencies.

Modifies installment requirements to allow biweekly or monthly payments, and increases insufficient funds fee cap to the greater of $20 or actual fee charged by depository institution; effective July 1, 2017.